Yulu Secures $93 Million to Fuel India’s Last-Mile Delivery Boom

The Series C funding round, consisting of $63 million in equity led by GEF Capital Partners and $30 million in debt, arrives as Yulu pivots toward aggressive logistics expansion. Currently managing a fleet of 50,000 vehicles, the company plans to quadruple that number to 200,000 bikes over the next two years. CEO Amit Gupta noted that this capital injection will likely be the company's final equity raise before a potential public listing, with future growth supported by debt and leasing.

Central to this expansion is the rollout of the Yulu Express, a high-speed scooter designed for longer-haul e-commerce and express parcel services that its current low-speed models cannot accommodate. While the company previously focused on urban bike-sharing, roughly 95% of its revenue now stems from weekly subscriptions for gig workers delivering for platforms like Amazon and Flipkart. Having achieved positive EBITDA last fiscal year, Yulu is now targeting profitability before interest and taxes by next year as it expands from 12 to 20 cities across India.